Dubai has been at the center of Blockchain conversation globally and the Dubai government has been implementing its paperless strategy using blockchain and other technologies, however the UAE has not been that friendly towards cryptocurrencies.
This seems to be changing as Amhora Blockchain startup has placed a Bitcoin ATM at the Rixos Premium Dubai Hotel. At the moment you can only buy Bitcoin this could be a step towards a full-fledged crypto currency trading in the UAE.
In a tweet Amhora stated “We have installed a Bitcoin ATM in Dubai at the Rixos Premium Hotel in JBR, Marina.” In an interview with Bitcoinist.com Anhad Dhingra, CEO of Amhora stated, “Users can simply purchase bitcoin with cash, no questions asked. They can’t sell them though, not through this machine anyhow. That option will be available in a couple of months.
Bitcoin buyers will need some sort of wallet to send your Bitcoin to and an existing exchange to sell them afterwards. Moreover, when the Dubai Bitcoin ATM rolls out the sell option, users will have to swipe their Emirates ID card or passport.
Amhora is licensed by the Department of Economic Development. Amhora ATM charges 5% commission on the total purchase, while the average Bitcoin ATM charges 7.5%. Dhingra explains, “The commission is very attractive because you can buy bitcoins instantly. Otherwise people have to go through a number of procedures which take a lot of time. At this kiosk, you just insert cash and you get bitcoins instantly. It is possible to purchase bitcoins through banking platforms and debit cards already but since we accept cash, it is very different.